EARNINGS BREAK RECORDS (BY A LOT)

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Q1 S&P 500 Operating Earnings are coming in $3+ over the prior record … wow! * As the tax cut pushes earnings estimates higher, we think the multiple should be trimmed. * Wages continue to improve on a Y/Y basis … and...

NO SLOWDOWN IN U.S. RETAIL SALES

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * U.S. Retail Sales rebounded to record high-thanks to Autos, Health Care, and Online. * NY Fed Manufacturing Index (15.8) slowed in April. * U.S. Business Inventories up and so were Sales. * NAHB Housing Market Index slipped in...

TRADE WAR PARANOIA

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Trade War Paranoia is more bark than bite. * German exports declined -3.2% M/M in February. * Tech led S&P 500 lower last week. TRADE WAR PARANOIA – THE BLUSTER, PANIC, AND RHETORIC FAR EXCEED REALITY: With “Trade War”...

CHINA MARCH PMIS ARE SLOW BUT STEADY

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * China PMI’s are mixed, but show slow and steady growth in March. * South Korean exports to Europe and China surged in March. * U.S. ISM Manufacturing Index Slips from 14 year high. * U.S. Constructing Spending slows further,...
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